Scottish craft beer firm, BrewDog, has announced plans to share some of its profits with some charities and employees.
BrewDog, whose CEO, James Watt, won entrepreneur of the year award in 2014, at The Great British Entrepreneur Awards, is planning to give 10 per cent of net profits to around 20 charities, and 10 per cent, spread among its 110 strong work force.
James Watt said: "At BrewDog, we care about two things above all else: our beer and our people. We want to make the best beers on the planet, we want to be the best company to work for, and we want to build a radically new type of business that we can all be proud of. Giving away 20 percent of our profits – forever – is not about altruism. It is about impact. It’s not about profits. It is about purpose. This is the biggest community-fuelled, crowdfunded charity contribution in history.
“Outdated CSR (corporate social responsibility) policies have zero consideration for their real-world impact, existing merely for the purpose of an oversized cheque and an awkward photo shoot,” he added. “This is a call to arms for businesses to democratise the impact their charitable contributions can have on their community, their people, and the world.”
He concluded: "In our tenth year at BrewDog, we hope to inspire a new kind of business...one that doesn’t measure profit in purely monetary terms. Our mission for the next decade at BrewDog is not simply to redefine the beer industry, but to redefine industry itself.”
This year's The NatWestGreat British Entrepreneur Awards are being held in November.